The International Energy Agency chief Fatih Birol has criticised Europe for falling behind China and the US after making 'two historic monumental mistakes' in energy policy, by relying on Russian gas and turning away from nuclear power. Photograph: Simon Maina/AFPand the US after making “two historic monumental mistakes” in energy policy, by relying on Russian gas and turning away from nuclear power.
It trails China and the US in areas such as manufacturing of clean technologies owing to a mix of burdensome regulations and higher energy prices. Electricity prices in the EU are typically twice to three times higher than in the US.“The existing industries, especially the heavy industries, are experiencing, and going to experience, a significant cost disadvantage compared to other major economies such as China and the United States,” Mr Birol said.
Supplies from Norway and the US have been instrumental in allowing the EU to avoid blackouts – accounting for 30 per cent and 19 per cent of total imports respectively – but the rapid roll-out of renewable power has also helped.
In 2019, the EU set out among the most ambitious climate goals in the world with a commitment to cut emissions by 55 per cent compared with 1990 levels by 2030 and reach net zero by 2050.